The seasonally adjusted unemployment rate for the euro area. The threshold is the Sahm construction: half a point above the past year's low has marked the start of every euro-area recession in the series.

Threshold source: Sahm-rule construction applied to the euro-area rate. How thresholds are chosen

The euro-area rate moves slowly because short-time work schemes absorb shocks before they reach unemployment, so it lags the cycle by more than the US rate does.